Abra Aims to Launch Crypto Industry’s First Regulated Bank

News

Abra is making ambitious steps toward launching a crypto bank.

Abra, a financial and technology company providing cryptocurrency wallet services, intends to open a “US state-chartered institution” operating as a crypto bank called Abra Bank.

According to the blog post shared by Abra Global, when the institution launches, it “will be the first regulated bank in the US” allowing customers to deposit and bank their digital assets in the same manner as traditional fiat banks.

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The company emphasized that its goal to become a “default Web3 wallet and crypto bank” can be reached only after embracing the regulatory frameworks with security, transparency, agency, and oversight.

Abra’s founder and CEO, Bill Barhydt, used Twitter to share his excitement about the company’s newest project.

In its Twitter thread, Barhydt highlighted that Abra Bank will allow customers to trade, invest, store NFTs, have credit cards, and keep crypto in custody. Moreover, in his tweet, the CEO noted:

Abra intends to be the premier Web 3 and crypto bank in the world. While we believe in the ethos of “not your keys not your coins” we recognize that consumers and institutions need help navigating crypto. Abra Bank will be that help!”

Based on the CEO’s tweets, Abra Bank will start operating in the United States by the first quarter of 2023.

In the same blog post, the company announced the launch of other services. One of them is Abra International, a digital asset business providing banking services for its customers outside the US. According to the announcement, Abra International is expected to launch at the end of 2022.

Moreover, Abra is launching another product called Abra Boost. The product, which is set to see the light of day in October, will allow “qualified investors to deposit and earn interest on their digital assets.” The company notes that all Abra Earn users will be eventually transferred to the new platform, Abra Boost. 

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree


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